The Influence of Financial Performance and Underwriter Reputation on Annual Return
Abstract
This study examines the effect of profitability, liquidity, financial leverage, and the underwriter's reputation on the underpricing of Initial Public Offering (IPO) shares. Samples were taken from companies that conducted an IPO on the Indonesia Stock Exchange from 2018 to 2021 using a purposive sampling method, resulting in sample data from 62 companies. Data on underpricing were measured using initial return, profitability was measured by return on equity (ROE), liquidity was measured using the current ratio (CR), financial leverage was measured using the debt-to-equity ratio (DER), and underwriter's reputation was measured using the top 10 in terms of the 20 most active brokerage houses monthly in total trading frequency during the study period. The results of this study indicate that profitability (ROE) and underwriter reputation (RU) have a negative and significant effect on underpricing, while liquidity (CR) and financial leverage (DER) have a negative and insignificant effect on underpricing.
References
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Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/https://doi.org/10.2307/1882010
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Irawan, P., & Pangestuti, I. R. D. (2015). Pengaruh struktur kepemilikan, corporate governance, dan underwriter reputation terhadap IPO underpricing (Studi empiris pada perusahaan yang IPO di bursa efek Indonesia tahun 2006-2014). Diponegoro Journal of Management, 4(4), 1–12.
Isfaatun, E., & Hatta, A. J. (2010). Analisis informasi penentu harga saham saat intial public offering. Jurnal Ilmiah Ekonomi Bisnis, 15(1), 66–74.
Jaunanda, M. (2023). Stock value analysis using absolute valuation and relative valuation approaches. Proceeding of 3rd International Conference on Entrepreneurship (IConEnt), 3(1), 53–63.
Karim, N. (2019). Analisis faktor-faktor yang memengaruhi underpricing saham pada initial public offering di Bursa Efek Indonesia. Institut Pertanian Bogor, 7–84.
Khaira, N., & Sudiman, J. (2019). Hubungan likuiditas, profitabilitas, leverage dan Earning Per Share terhadap underpricing pada perusahaan yang melakukan initial public offering (IPO) tahun 2009-2018. Jurnal Pasar Modal Dan Bisnis, 1(2), 187–204.
Khairudin, & Wandita. (2017). Analisis pengaruh rasio profitabilitas, debt to equity ratio (DER) Dan price to book value (PBV) terhadap harga saham perusahaan pertambangan di Indonesia. Jurnal Akuntansi Dan Keuangan Universitas Bandar Lampung, 8(1), 68–84.
Kuncoro, H. B., & Suryaputri, R. V. (2019). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran umum perdana. Jurnal Akuntansi Trisakti, 6(2), 213–234. https://doi.org/http://dx.doi.org/10.25105/jat.v6i2.5573
Kusumawati, R., & Fitriyani, A. (2019). Fenomena underpricing dan faktor-faktor yang mempengaruhinya. Jurnal Ekonomi Pembangunan STIE Muhammadiyah Palopo, 5(2), 67–79. https://doi.org/http://dx.doi.org/10.35906/jep01.v5i2.397
Lestari, Y. S., & Trihastuti, A. (2020). Pengaruh ukuran perusahaan, reputasi underwriter, return on asset (ROA), return on equity (ROE) dan financial leverage terhadap underpricing saham Initial public offering (IPO) pada pasar perdana di bursa efek indonesia periode 2012-2016. JEA17: Jurnal Ekonomi Akuntansi Fakultas Ekonomi Dan Bisnis, 5(1), 39–52. https://doi.org/https://doi.org/10.30996/jea17.v5i1.4115
Mahatidana, M. R., & Yunita, I. (2017). An examination factors influencing underpricing of IPOs in financial and manufacturing industries on the Indonesia stock exchange over the period of 2011-2016. International Journal of Scientific and Research Publications, 7(11), 457–464.
Novalia, F., & Nindito, M. (2016). Pengaruh konservatisme akuntansi dan economic value added terhadap penilaian ekuitas perusahaan. Jurnal Ilmiah Wahana Akuntansi, 11(2), 1–16.
Oktavia, H. C. A. (2019). Analisis pengaruh leverage, profitabilitas, likuiditas saham, dan reputasi underwriter terhadap underpricing IPO. Seminar Inovasi Manajemen, Bisnis Dan Akuntansi, 1(1), 502–513.
Pahlevi, R. W. (2016). Analisis faktor-faktor yang mempengaruhi underpricing saham pada penawaran saham perdana di bursa efek Indonesia. Jurnal Siasat Bisnis, 18(2), 219–232. https://doi.org/https://doi.org/10.20885/jsb.vol18.iss2.art8
Partha, I. M., & Yasa, G. W. (2016). Kemampuan rasio keuangan dalam memprediksi peringkat obligasi pada perusahaan sektor non-keuangan. E-Jurnal Akuntansi Universitas Udayana, 15(3), 1913–1941.
Ramadana, S. W. (2018). Beberapa faktor yang mempengaruhi underpricing saham pada perusahaan yang melakukan initial public offering (IPO) di bursa efek indonesia. Jurnal Riset Inspirasi Manajemen Dan Kewirausahaan, 2(2), 102–108.
Rastiti, F., & Stephanus, D. S. (2015). Studi empiris tingkat underpricing pada Initial public offering. Jurnal Akuntansi Multiparadigma, 6(3), 493–503. https://doi.org/http://dx.doi.org/10.18202/jamal.2015.12.6039
Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/https://doi.org/10.2307/3003485
Safitri, T. A. (2013). Asimetri informasi dan underpricing. Jurnal Dinamika Manajemen, 4(1), 1–9.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/https://doi.org/10.2307/1882010
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2015). Financial Accounting (3rd ed.). Wiley.
Yuliani, Wahyuni, D., & Bakar, S. W. (2019). The influence of financial and non-financial information to underpricing of stock prices in companies that conduct initial public offering. Jurnal Bisnis Dan Manajemen, 3(1), 39–51. https://doi.org/http://dx.doi.org/10.25139/ekt.v3i1.1442
Published
2024-09-30
How to Cite
JAUNANDA, Meiliana; ANGELIA, Frieska.
The Influence of Financial Performance and Underwriter Reputation on Annual Return.
Klabat Accounting Review, [S.l.], v. 5, n. 2, p. 91-101, sep. 2024.
ISSN 2722-7278.
Available at: <https://ejournal.unklab.ac.id/index.php/kar/article/view/1112>. Date accessed: 13 dec. 2024.
doi: https://doi.org/10.60090/kar.v5i2.1112.91-101.
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
